Theta Gold Mines has confirmed a 13.1‑year, high‑margin gold operation at TGME, backed by a significantly upgraded Feasibility Study
Construction is already underway, with more than 140 personnel on site advancing earthworks and plant build‑out.
First gold is targeted for Q1 2027, supported by modular plant design and a fully execution‑ready development plan.
Phase 1 covers just four mines, while a further 40+ historic mines offer district‑scale expansion for future production growth.
TGME’s goldfield hosts 3.6 Moz of additional inferred resources, providing a clear runway for multi‑decade development.
Feasibility Study highlights:
🔸 A$1.4B in free cash flow generated over an initial 13.1‑year mine life.-
🔸 Post‑tax NPV10%: A$689M and IRR: 77%, demonstrating robust project economics even under conservative gold price assumptions.-
🔸 Base Case production: 871 koz recovered at 4.28 g/t (@ 86.2% recovery).
🔸 First gold in Q1 2027, supported by an execution‑ready modular plant already under construction.
🔸 Upside leverage: Spot gold >US$4,500/oz vs FS assumption of US$2,884/oz.
🔷 Phase 1: Brings four mines online—Beta, Rietfontein, Frankfort and CDM—feeding a 45 ktpm plant with a staged ramp-up supported by early cash flow from surface stockpiles.
🔷 Phase 2 & Beyond: A pipeline of 40+ historic mines and 3.6 Moz of Inferred Resources underpins expansion potential to 160 koz/year, positioning TGME as a future mid‑tier African gold producer.
Why the TGME Gold Project Matters - TGME is emerging as a rare combination in the gold sector:
✔ High grade
✔ Low capex
✔ High return
✔ Large-scale growth runway
✔ Execution readiness
🔸 A$1.4B in free cash flow generated over an initial 13.1‑year mine life.-
🔸 Post‑tax NPV10%: A$689M and IRR: 77%, demonstrating robust project economics even under conservative gold price assumptions.-
🔸 Base Case production: 871 koz recovered at 4.28 g/t (@ 86.2% recovery).
🔸 First gold in Q1 2027, supported by an execution‑ready modular plant already under construction.
🔸 Upside leverage: Spot gold >US$4,500/oz vs FS assumption of US$2,884/oz.
🔷 Phase 1: Brings four mines online—Beta, Rietfontein, Frankfort and CDM—feeding a 45 ktpm plant with a staged ramp-up supported by early cash flow from surface stockpiles.
🔷 Phase 2 & Beyond: A pipeline of 40+ historic mines and 3.6 Moz of Inferred Resources underpins expansion potential to 160 koz/year, positioning TGME as a future mid‑tier African gold producer.
Why the TGME Gold Project Matters - TGME is emerging as a rare combination in the gold sector:
✔ High grade
✔ Low capex
✔ High return
✔ Large-scale growth runway
✔ Execution readiness
A copy of the full ASX Study announcement may be found here: https://investors.thetagoldmines.com/announcements/7340419
About us:
Theta Gold Mines (ASX:TGM) is advancing its 6.1Moz TGME Gold Project in South Africa, where a revised feasibility study confirms a long‑life, high‑margin operation now under active construction. With first gold targeted for early 2027 and more than 40 historic mines available for future development, TGME is positioned as a scalable, district‑wide growth opportunity.
Contact details:
Joe Kaderavek
Partner
Engage IR
0434563456
